Annual Fees Proposed For Jersey Non-Financial Businesses And Professions
Monday, February 22, 2010
The Jersey Financial Services Commission has published a consultation paper on
proposals for annual fees to be paid by Designated Non-Financial Businesses and
Professions (DNFBPs) carrying on activities specified in Part B of Schedule 2
to the Proceeds of Crime (Jersey) Law 1999, as amended.
Such activities include
certain business conducted by lawyers, accountants, estate agents, high value
goods dealers (those dealers accepting payment in cash over EUR15,000) and some
other businesses not otherwise covered by the four regulatory laws.
The Commission has been requested by the States of Jersey to monitor
and ensure compliance by DNFBPs and, to this end, the Minister for Economic Development
has designated the Commission as the supervisory body for DNFBPs. DNFBPs have
been supervised for compliance with the Money Laundering (Jersey) Order 2008,
as amended, and associated regulatory requirements, by the Anti-Money Laundering
Unit of the Commission, in line with the Financial Action Task Force’s (FATF)
FATF Recommendation 24 requires countries to ensure that DNFBPs are subject
to effective systems for monitoring and ensuring compliance with AML/CFT requirements.
The purpose of the Commission’s consultation paper is to consult on the
proposals for annual fees to be paid from 2010 by DNFBPs who carry on activities
specified in Part B of Schedule 2 to the Proceeds of Crime Law; and as a result
of carrying on such activities, are required to be registered under the Proceeds
of Crime (Supervisory Bodies) (Jersey) Law 2008.
The consultation paper can be downloaded from the Commission’s website,
and should be returned before April 16.